Donaco’s Casino Gamble In Cambodia Gets Messier, Yet Still Pays Off
by Muhammad Cohen
Australia-listed Donaco International, owner of border casinos in Cambodia and Vietnam, remains immersed in legal proceedings with its biggest individual shareholder, who doubles as its top competitor. Donaco shares traded over A$1.50 in March 2014 (then US$1.37) and near A$0.70 when it acquired its main asset, Star Vegas in Poipet, but currently languish below A$0.10 (now US$0.07). Australian regulators have seized shares that Donaco’s biggest institutional shareholder, Orchard Capital Partners Asia, didn’t obtain through a loan default by Joey Lim, who cofounded Donaco with his grandfather, Genting Group found Lim Goh Tong. The elder Lim envisioned Donacao taking on projects that were too small for Genting, but probably never expected a deal this complicated.
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